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Actuarial Modeling and Financial Forecasting

Active
State & Local

Contract Overview

Solicitation details, issuing organization, response deadlines, documents, and interested companies for this government contract opportunity.

General Info

Agency

Maryland → Health Insurance And Other (RSTARS - F04)View Agency

NAICS

541990 - All Other Professional, Scientific, and Technical ServicesView NAICS

Place of Performance

MD, USA

Set-Aside

NONE

Documents

This scope was carved out of BPM057388.

The full solicitation package (17 documents), including the RFP, is on the prime solicitation, not on this scope.

View the prime solicitation

Consulting and Actuarial Services for the State Employee and Retiree Health and Welfare Benefits Program

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Organization & Contact Information

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AgencyMaryland → Health Insurance And Other (RSTARS - F04)
ContactsNo contacts available
OfficeN/A
Organization / Agency
Maryland → Health Insurance And Other (RSTARS - F04)
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Office AddressN/A
ContactsNo contact information available

Full Description

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Performs actuarial analysis for prime contractors on State of Maryland health and welfare benefits projects. Develops financial models, forecasts, and projections to identify financial risks and trends, and provides guidance on rate setting and cost containment. Utilizes actuarial modeling software and financial projection tools. Requires actuarial credentials such as FSA, ASA, or EA. Delivers financial models, risk assessment reports, and rate-setting recommendations.

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More opportunities from Maryland → Health Insurance And Other (RSTARS - F04)

Same awarding agency

NAICS: 541618
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Consulting and Actuarial Services for the State Employee and Retiree Health and Welfare Benefits Program
Solicitation # BPM057388
Solicitation BPM057388 is a request for proposals from the State of Maryland Department of Budget and Management for comprehensive consulting and actuarial services to support the State Employee and Retiree Health and Welfare Benefits Program. The scope of work includes developing financial models and forecasts, advising on benefit plan design, providing procurement support for insurance carriers or third-party administrators, and delivering rapid-turnaround actuarial projections for proposed legislation. The contract features a seven-year base period with one two-year option period, with a primary place of performance at the contractor's location. Key deliverables include quarterly plan performance report cards and actuarial analyses, which must meet strict industry best practices and administrative quality standards. The award will be based on a Competitive Sealed Proposals method where technical and financial factors are weighted equally. Technical evaluation focuses on the work plan, staff qualifications, and the offeror's overall capabilities. Financial proposals are structured with fixed annual pricing for actuarial services and data warehouse maintenance, alongside hourly rates for principal, senior, and junior consulting staff. The estimated contract value is 2,000,000 dollars. Contractors must adhere to rigorous compliance and security standards, including annual SOC 2 Type 2 audits, NIST cybersecurity framework alignment, and CJIS criminal background checks for key personnel. Due to the nature of the health benefits program, the awardee must execute a HIPAA Business Associate Agreement and comply with the Maryland Public Information Act. Additionally, the solicitation emphasizes socioeconomic goals, requiring bidders to commit to Minority Business Enterprise and Veteran-Owned Small Business Enterprise participation goals. Payment terms are set at 30 days from receipt of a proper invoice, subject to a one percent electronic transaction fee.
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